The teen retailer Delia's is seeking Chapter 11 bankruptcy protection and plans to sell all its merchandise and shut down.

The company said Monday that it failed to find a buyer for the business. Delia's signed a deal with Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners to liquidate its merchandise and dispose of its furnishings and equipment.

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Retailers, especially those that cater to teens, have been hit hard in the wake of the recession and almost all of them have posted lackluster sales.

Delia's said in its bankruptcy filing that it has $74 million in assets and $32.2 million in debt.